Tips for Making a Business Partnership Work with Tim Winfrey

Let's Talk Real Estate Investing with Sharon Vornholt

English - September 01, 2022 03:00 - 29 minutes - 40.7 MB - ★★★★★ - 101 ratings
Investing Business Entrepreneurship investing realestateinvesting blog marketing probate probateinvesting realestate Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed

Previous Episode: Building Real Wealth, The Foundation of Financial Freedom with Rich Fettke

Next Episode: The 3 Biggest Mistakes Real Estate Investors Make When Raising Capital with Dave Dubeau

My guest today is Tim Winfrey, and we are going to dive into tips for making a business partnership work. Becoming and staying successful business partners is no easy task, but he has successfully navigated this process.

Tim co-hosts the Freedom Chasers Podcast and that’s how we met. He is also a real estate broker, marketer, and BPO expert. Tim has completed over 100 fix and flip projects and has managed the repairs of an additional 50+ REO homes. He currently manages a team of 5 agents as the Broker/Owner of 1st Class Real Estate Great Lakes.

Key Highlights:

[00:01 - 07:42] Opening Segment

• Tim shares his background and entrepreneurial journey

A real estate broker, marketer, and BPO expert

• It is crucial to have a partnership agreement in place before starting a business together

[07:43 - 14:29] Keeping a Business Partnership on Track

• What's the most important aspect of partnerships

• How Tim and Matt use their strengths and weaknesses to create a successful product

• Communication between partners is essential to keeping everyone on track

[14:30 - 21:47] How to Avoid Partnership Failures

• Partnership failures are often due to disagreements, miscommunication, and not knowing each other well enough

• The great advantages of doing a podcast

• Marketing as an investor vs marketing as a realtor

[21:48 - 29:39] Closing Segment

• Why wholesaling is a preferred way to get retail leads for realtors

• Define the problem defining and then provide a tailor-made solution

• Keeping the agency relationship defined and in writing is key to avoiding confusion with the seller

Connect with Tim on Facebook, or call his business line at (630) 273-7363.

Resources Mentioned:

The Freedom Chasers Podcast

1st Class Real Estate Great Lakes

Key Quotes:

"If you're an entrepreneur, new opportunities arrive all the time, and being able to make sure that everybody is being able to win in the equation is very important." - Tim Winfrey

"You don't want to get into business with somebody you don't know well." - Tim Winfrey

WANT TO LEARN MORE?

Connect with me through my website, Instagram, and LinkedIn

Or you can send me an email at [email protected]

Be sure to check out the Louisville Gals Real Estate Blog and my course Probate Investing Simplified.

Learn more about this podcast on iTunes, or Stitcher.

If you liked my show, please LEAVE AN HONEST REVIEW, like, and subscribe!